Major tax changes proposed for landlords

Plans to transform the tax system for landlords and self-employed individuals have recently been announced by the government. The stated aim of the introduction of “digital tax accounts” is to make it quicker and easier for landlords to manage their tax affairs. One of the main proposed changes that instead of completing an annual tax return, landlords will be expected to provide a digital summary of their rental income and expenditure to the HMRC at least every three months. The changes are currently scheduled for April 2018.